ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The rigorous exploitation leads to a depletion of resources, which has severe negative long-term effects on the local environment. It also means that the resources are no longer available for the local population, leading to negative impacts on the local economy.

Detailed explanation-2: -One of the main arguments against free trade is that, when trade introduces lower cost international competitors, it puts domestic producers out of business.

Detailed explanation-3: -The most common arguments for restricting trade are the protection of domestic jobs, national security, the protection of infant industries, the prevention of unfair competition, and the possibility to use the restrictions as a bargaining chip.

Detailed explanation-4: -Economists generally agree that trade barriers are detrimental and decrease overall economic efficiency, this can be explained by the theory of comparative advantage. In theory, free trade involves the removal of all such barriers, except perhaps those considered necessary for health or national security.